Managing Your Client's Business Entity Dissolution

Duration: 120 Minutes
Liquidation and the ultimate dissolution of a client's business entity can be a significant task for any practitioner. It could be precipitated by your client profitably selling the assets of the entity or the entity's unit of ownership or involve an entity with a failed activity, where the client has lost interest and moved on to other business opportunities with less than stellar cooperation as the practitioner handles the dissolution details. This presentation includes the tools necessary to assist with either scenario for C Corporations, S Corporations, LLCs filing as partnerships and LLCs filing as corporations.
Business Entity Dissolution
Instructor: Vicki L Mulak
Product ID: 507139
Objectives of the Presentation
The similarities and differences in dissolutions of the various entity types (C Corporation, S corporation and LLC)
  • Increase competency with the liquidation and dissolution details of each business entity type
  • Learn how the various IRC code sections impact liquidation profits and losses, i.e., Sec 1202 & 1244
  • Gain expertise in completing special tax forms involved in dissolutions
  • Understanding the difference between regular distributions and liquidating distributions in the various entity types
  • Improve skill in managing liquidating distributions and associated tax gains
  • Dealing with distribution of the entities installment obligations
  • Dealing with sale of goodwill (client's book of business)
Why Should you Attend
This session with taxation expert Vicki L. Mulak, EA, CFP®, will present the tools necessary to assist you in handling a business entity's dissolution in either scenario. Vicki will discuss the dissolution details for C corporations, S corporations, LLCs filing as partnerships, and LLCs filing as corporations. You will learn specifically about Internal Revenue Code (IRC) Sections 1202 and 1244. Vicki will provide helpful examples of common scenarios with calculations and completed tax forms.

Who will Benefit
  • Target audience is tax practitioners that assist clients with entity dissolutions
  • CPAs
  • Enrolled agents
  • Other tax professionals involved with S corporation tax returns and the tax returns of the S corporation's shareholders
Topic Background
Closing a business entity for tax purposes involves properly reporting the disposition of each asset and liability on the business' balance sheet. Assets are either sold or distributed to owners. Liabilities are either paid off or assumed by owners. This session will discuss the taxation consequences of dissolution to the business and the owners of corporations and LLCs.
$300
Recorded Session for one participant
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Live Session - How it works
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  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Vicki is an Enrolled Agent and Certified Financial Planner (CFP) and owner of American Financial and Tax, a tax preparation, planning and representation firm, which was founded in Tustin, California in 1985, when Vicki became both a resident and a business owner.

Vicki is a well-known presenter on federal and California tax law with audiences at continuing education events hosted by various practitioner organizations. She is also an author of numerous articles that have appeared in various practitioner journals.

In addition to her private practice, Vicki has served on two of the three California state tax agency advisory boards: The California Franchise Tax Board Advisory Board since 2010 - 2017 and the Employment Development Department's Small Business Employer's Advisory Committee since 1997. She has been honored with numerous awards for distinguished service in legislative advocacy and educational goals from the Enrolled Agent Associations, NAEA and CSEA.

She resides with her husband, George, in Tustin.
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